Altcoin Season By Mid November? Analyst Maps Month End Targets For Top Cryptos
The global crypto market capitalization’s turmoil near the $1 trillion mark has plummeted the crypto portfolios of investors and now continues to pressurize traders amid the crypto winter.
Despite undergoing several jolts, including CPI data and US stock market correlation, the prolonged crypto winter now seems to bring smiles to crypto users as the market is all set to show its wrapped version of a skyrocketing bull run in the upcoming months.
Crypto Prices Are Fuelling For A Bullish Comeback!
Leading cryptocurrencies of the market are gaining pace for a major bullish recovery as users and traders are now shifting their attention from the Fed’s recent interest rate hikes by 75 bps on 2 November.
According to a popular crypto analyst, Michael Van De Poppe, CEO and founder of Eight Global, significant digital assets like Bitcoin and Ethereum may touch immense highs in the next few months.
Targets I think we'll be seeing in the coming months;– #Bitcoin to $30K– #Chainlink to $15– #Fantom to $0.75-1.00– #Zilliqa to $0.10– #BinanceCoin to $500– #Ethereum to $2,500— Michaël van de Poppe (@CryptoMichNL) November 6, 2022
The analyst predicted the target price of specific cryptocurrencies as the market shows a bullish recovery despite the hawkish tone from the Fed’s decision to control the exponential rise of inflation. Here is what he predicts:
Bitcoin Price Analysis
Michael Van De Poppe is highly bullish on Bitcoin as he believes that Bitcoin may touch $30K soon. Looking at the daily price chart, Bitcoin has recorded a weekly high at $21,480 and is currently hovering around the EMA-100 trend line with a value of $21,237.
A breakout above its Bollinger band’s upper limit at $22.5K may take Bitcoin to its strong resistance level of $25K. The MACD line is also trading in a bullish region, supporting the current price movement.
However, the RSI-14 is trading at 64-level, indicating an overbought region. If Bitcoin makes a pullback from its current price level, it can again plunge below its crucial support level of $20K and head towards the price level of $18K.
Moreover, on-chain analyst firm, CryptoQuant, mentioned that the current Taker Buy Sell Ratio metric has dropped below 1, hinting at short positions formed by market bears. Bitcoin may have a sharp downward correction if this metric continues to decline.
Ethereum Price Analysis
Ethereum has been showing a significant upward bounce back as it made a breakout above its consolidated zone of $1,400. According to Michael, ETH price may spark considerable surges in the price chart and reach $2,500 in a few months.
Ethereum has been continuously building buying pressure in the last few days due to the upcoming ‘Shanghai’ upgrade. Ethereum is currently trading at $1,625 and showing signs of further bullish momentum as the SMA-14 surges to the level of 64.
If Ethereum breaks its EMA-200 line and trades above $1,750, it can soon surpass its previous highs and aim for $2,500.
Conversely, a price drop is expected if ETH falls below its immediate support level of $1,490. In that case, Ethereum may trade below its crucial support level of $1,300 and will take ample time to mark a recovery.
ChainLink Price Analysis
ChainLink is currently enjoying a massive pump in its price chart as it has made over a 35% jump in the last two weeks and is currently trading at $8.6.
Michael Van De Poppe predicted that LINK price might skyrocket by the end of 2022, and it can reach a maximum price level of $15.
The price fluctuations on the chart indicate more surges in LINK’s price. ChainLink has recently failed to break its resistance of EMA-200, trading at $9.05.
However, it is building another attempt to break $9. If the resistance level breaks, ChainLink can move toward its next target price of $12.15.
Conversely, a bearish trend may occur as the RSI-14 trades in an overbought region. A downside breakout at $7.6 may slump LINK hard below $6.58. Our technical analysis reveals a short-term bullish momentum for ChainLink before a downtrend.
BNB Price Analysis
Binance coin has been outperforming in recent trading sessions as it has added over 30% to its value since its upward journey. Michael predicts that Binance coin is going to bring a lucrative return as it may reach the short-term goal of $500.
Binance Coin has been pushed due to the current altcoins season, as multiple altcoins are paving their way to make a bullish recovery. BNB is currently trading at $350 and aiming for a breakout above the price of $402.
If BNB holds its price above $400, it can make an upswing and reach a resistance level of $458. The MACD line is forming an ascending pattern for BNB with the support of SMA-14.
However, the above bearish analysis may get invalidated if BNB makes a pullback and drops below its crucial support level of $314. If BNB’s price trades below $300, it can soon reach the bottom of its previous bearish trend at $260.
Zilliqa And Fantom Price Analysis
The analyst went on further and predicted that Zilliqa might reach a price of $0.1 and Fantom may trade in a maximum price range of $0.75 to $1. However, the target prices for ZIL and Fantom look so far as they show less volatility in the price chart compared to other altcoins.Source